HDFC Bank Recurring Deposit

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HDFC Bank Recurring Deposit

  • HDFC Bank Recurring Deposit rates would reach 5.50 per cent.
  • The interest on an HDFC Bank Recurring Deposit is compounded quarterly.
  • A minimum deposit of Rs. 1,000 is required for an HDFC Bank Recurring Deposit.
  • Senior citizens can get an RD discount of up to 6% from the HDFC Bank.

HDFC Bank Recurring Deposit Rates – Special Features

  • In fact, no plans for coping with late refunds have been made.
  • It is important to nominate anyone.
  • The duration of the deposit varies between six and one hundred and twenty months.
  • The smallest amount of data can be saved in Rs. 5 multiples.
  • This software can be enrolled at any HDFC branch.
  • The applicable income tax laws govern TDS deductions at the time the RD account is opened.

HDFC Bank Recurring Deposit Schemes Types

The HDFC Bank provides three forms of revolving deposits:

RD on a Regular term Basis

The length of your HDFC Bank Recurring Deposit will be six to three years. This RD is for people who want to incorporate saving into their everyday lives.

RD on a Medium-term basis

If you can’t pay for a long time and aren’t sure how much return you’ll get from RD, a medium-term periodic deposit is a reasonable choice. It achieves the best combination of adaptability and financial responsibility, allowing you to consider the advantages and disadvantages. The average length of service is three to seven years.

RD on a Long Term basis

A long-term RD is the best option when you want to gain a return on your savings but don’t have the funds to invest in a fixed deposit. With annual investments, you will save annually while still receiving a return on your fixed-income savings. The average time span is between seven and ten years.

HDFC Bank Recurring Deposit Account

Customers of HDFC Bank may deposit money into a revolving account regularly for a defined period of time. A customer must deposit into their RD account at the time of account opening. During the deposit period, the client makes periodic deposits and withdraws the entire account balance.

Regular RD

  • In fact, no plans for coping with late refunds have been made.
  • It is important to nominate anyone.
  • The minimum tenure for this RD is six months.
  • A deposit of Rs. 1,000 is the minimum amount that can be made into this account.
  • The smallest amount of data can be saved in Rs. 5 multiples.

HDFC Bank Recurring Deposit Rates

HDFC Bank interest rates Several variables are used to calculate revolving deposits. The following are some of them:

  • Interest rates on all banking instruments, including revolving deposits, are affected by changes in the Cash Reserve Ratio (CRR) and the RBI’s repo rate.
  • During a recession, the Reserve Bank of India (RBI) releases funds to inject money into the economy. Banks are lowering RD prices due to high liquidity and low credit demand.
  • Inflation – Inflation has a positive impact on the interest rate on a fixed deposit. As a result, during periods of rising inflation, RD prices appear to be higher.
  • People take out more loans to fulfil their personal and business needs now that the economy is booming. Banks pay higher interest rates to collect funds from monthly deposits during times of increased loan demand.

HDFC Bank Recurring Deposit Interest Rates 2021

Tenure General Rates Senior Citizen Rates
6 months 3.50% 4.00%
9 months 4.40% 4.90%
12 months 4.90% 5.40%
15 months 4.90% 5.40%
24 months 4.90% 5.40%
27 months 5.15% 5.65%
36 months 5.15% 5.65%
39 months 5.30% 5.80%
48 months 5.30% 5.80%
60 months 5.30% 5.80%
90 months 5.50% 6.00%

HDFC Bank Recurring Deposit Interest Calculator

The following three criteria determine the complexity of your RD:

  • The account balance is the original amount deposited by a customer in HDFC Bank. Larger deposits can qualify for a higher rate of interest. Deposits of up to Rs 1,000 are accepted at HDFC Bank.
  • Longer-term revolving deposits will earn a higher interest rate, while shorter-term deposits will earn a lower rate, according to the HDFC Bank. At 5.50 per cent, Union Bank of India provides the highest interest rate on deposits.
  • Depending on the deposit period, the bank pays a low-interest rate on short-term RDs and a higher rate on long-term RDs.

HDFC Bank Recurring Deposit Opening Process 

HDFC Bank Recurring Deposit

Follow these simple measures if you don’t know how to open an HDFC Bank recurring deposit account:

  • If you already have a bank account, you can open an RD Account at your local branch or by calling the bank’s customer service number. An HDFC Bank Recurring Deposit account is easy to open and can be used at both public and private banks.
  • To open an HDFC Bank Recurring Deposit account with a bank with which you do not already have an account, call the nearest branch. You’ll also need some simple KYC paperwork to open an account. Interest rates, time limits, minimum deposits, credit limits, and other terms and conditions differ by bank. Examine all of this information to determine which bank is the most appropriate for you to open an account.
  • The tenure and monthly due balance (deposit amount) must be calculated before opening an HDFC Bank Recurring Deposit Account. Regular depositors may make deposits using the ECS, online banking, or a fund transfer. If you have a Revolving Savings Account, you can also tell the bank to deduct a certain amount from your deposit per month.

Duration of HDFC Bank Recurring Deposit

You may set up recurring deposits with HDFC Bank for as little as 6 months or as long as 120 months.

Recurring deposits with the HDFC Bank may be withdrawn before their maturity date.

Early withdrawals from a Recurring Deposit with HDFC Bank are likely. The banking laws of the HDFC Bank provide for a nominal penalty to be imposed. It is not possible to withdraw funds from an RD account in part.

The HDFC Bank has been charged with failing to pay an RD instalment on time.

If you pay after the due date, you will be given a grace period of a few days by the bank. If you do not pay the instalment by the due date, you will be charged a penalty by the HDFC Bank. The HDFC Bank will charge you a penalty if you do not pay the instalment by the due date.

Mr A, for example, opens a one-year RD account with $5,000 in monthly deposits at the cost of 5.50 per cent. In this case, the net maturity value at the end of the year would be 61,809, which includes the collected principal and the gross interest on the 1,809 principal amounts. You can also use the RD calculator to predict how much debt you’ll have at the end of a longer-term and how much money you’ll have.

FAQs for HDFC Bank Recurring Deposit

What are the requirements for opening a Recurring Deposit Account with HDFC Bank?

RD accounts will be accessible to Indian people and HUFs (Hindu Undivided Families). NRIs will use their NRO and NRE accounts to open RD accounts. Children whose parents keep track of their finances may also use the RD service provided by banks.

How long does an HDFC Bank Revolving Deposit last?

HDFC Bank Recurring Deposits are valid for a minimum of 6 months and a maximum of 120 months.

Is it possible to withdraw funds from an RD account until it matures?

Is it possible to take money out before the deadline? You can split your RD until it matures if you have an emergency, but your account will be locked after that. As a punishment, banks will subtract 1% to 2% of the interest received on your HDFC Bank Recurring Deposit when it was in their hands.
If a depositor requests an early withdrawal before the lock-in period ends, he will only be refunded the principal balance and will not be required to pay interest. All previously issued rights have been revoked, except for the interest cancellation.

Is it possible to make partial withdrawals from HDFC Bank recurring deposit accounts?

HDFC Bank does not allow partial withdrawals from recurring deposits. On the other hand, some banks would let you use your RD as leverage for a loan or an overdraft. On the other hand, premature withdrawals are approved if you have had an RD account with them for at least a year. Unpaid debt is referred to as a debt that cannot be paid in full.
Premature Closing is an option worth considering, but it comes at a cost.

When an HDFC Bank Recurring Deposit account hits its maturity date, what happens?

Before the principal and accrued interest elements of your HDFC Bank Recurring Deposit account mature, you recommend that the bank move the principal and deferred interest elements to the corresponding savings account. After the RD matures, you’ll transfer the funds to pledged deposits.

Is there a nominating option on the HDFC Bank Recurring Deposit account?

The HDFC Bank can help you set up daily deposits. Only one applicant is eligible, regardless of whether the account is opened in single or joint names. It would help if you made certain that the appointment is set up following HDFC Bank rules. You may make changes to the applicant by filling out and submitting the appropriate form.

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